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Illovo Sugar fiscal H2 profit falls YOY

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Illovo Sugar fiscal H2 profit falls YOY

Illovo Sugar Ltd. said its normalized net income for the fiscal second half ended March 31 amounted to 17 South African cents per share, a decrease of 14.4% from 20 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 79.4 million rand, a decline of 14.4% from 92.8 million rand in the prior-year period.

Total revenue climbed 5.5% year over year to 7.33 billion rand from 6.95 billion rand, and total operating expenses increased 5.7% from the prior-year period to 7.07 billion rand from 6.69 billion rand.

Reported net income declined year over year to 37.4 million rand, or 8 cents per share, from 38.3 million rand, or 8 cents per share.

For the year, the company's normalized net income totaled 1.55 rand per share, a decline of 9.3% from 1.71 rand per share in the prior year.

Normalized net income was 713.1 million rand, a decrease of 9.3% from 785.8 million rand in the prior year.

Full-year total revenue totaled 13.27 billion rand, compared with 13.19 billion rand in the prior year, and total operating expenses grew on an annual basis to 11.61 billion rand from 11.30 billion rand.

The company said reported net income fell 9.8% year over year to 826.4 million rand, or 1.79 rand per share, in the full year, from 916.3 million rand, or 1.99 rand per share.

As of June 19, US$1 was equivalent to 12.17 rand.